Deposits with treasurer of state as proof of financial responsibility;
grounds for and amount of limitations on execution; proof of
absence of unsatisfied judgments
Sec. 10. (a) A person required to give proof of financial
responsibility under this article may give proof of financial
responsibility by delivering to the bureau a receipt from the treasurer
of state showing a deposit with the treasurer of state of one (1) of the
following:
(1) Forty thousand dollars ($40,000) in cash or securities that
may legally be purchased by savings banks.
(2) Trust funds with a market value of forty thousand dollars
($40,000).
(b) Money and securities deposited under this section are subject
to execution to satisfy a judgment under this article within the limits
of coverage and subject to the limits on amounts required by this
chapter for motor vehicle liability policies. Money and securities
deposited under this section are not subject to attachment or
execution for a reason not listed under this article.
(c) The treasurer of state may not accept a deposit or issue a
receipt for a deposit under this section, and the bureau may not
accept a receipt for a deposit under this section, unless the person
making the deposit provides evidence that there are no unsatisfied
judgments against the person making the deposit registered in the
office of the circuit court clerk of the county where the person
making the deposit resides.
As added by P.L.2-1991, SEC.13.
Last modified: May 27, 2006